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CFPB final arbitration rule to be published in Federal Register on July 19

The CFPB final arbitration rule is scheduled to be published in the Federal Register today, July 19. The rule’s effective date will be the 60th day after publication and the compliance date will be March 19, 2018. Based...more

Acting Comptroller asks Director Cordray to delay publication of CFPB final arbitration rule

Keith Noreika, the Acting Comptroller of the Currency, has sent a letter dated July 17 to Director Cordray asking him to delay publication of the CFPB’s final arbitration rule in the Federal Register. The July 17 letter...more

Professor Sovern unfairly criticizes Senator Cotton’s stance on CFPB final arbitration rule

Recently, Professor Jeff Sovern criticized Senator Tom Cotton of Arkansas for announcing that he would seek to block the CFPB’s final arbitration rule using the Congressional Review Act. Professor Sovern quoted Senator...more

The CFPB’s Disagreement with Our Calculation of the Industry Costs of the Arbitration Rule Is Much Ado About Nothing

In its final arbitration rule issued on July 10, 2017, the CFPB responds to our calculation, made when the proposed rule was issued in May 2016, that the rule will cause 53,000 providers who currently use arbitration...more

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...more

The Financial Stability Oversight Council: another potential route for overturning the CFPB’s final arbitration rule

In addition to the passage of legislation amending the Dodd-Frank Act (DFA), disapproval under the Congressional Review Act, and a legal challenge filed in court, a fourth potential route for stopping the CFPB’s final...more

Lawmakers announce plans to use CRA to overturn CFPB arbitration rule

Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under...more

The CFPB’s arbitration rule video: education or lobbying?

In a new video posted on its website entitled “CFPB’s New Arbitration Rule: Take Action Together,” the CFPB tells consumers that arbitration agreements prevent them from joining together to hold companies accountable for...more

CFPB issues final rule prohibiting class action waivers in consumer arbitration agreements

The CFPB announced yesterday that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any...more

CFPB Issues Final Rule Prohibiting Class Action Waivers in Consumer Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) yesterday announced that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer...more

California anti-arbitration law nears passage

California’s legislative effort to allow consumers to sue financial institutions for fraud even though they have agreed to arbitrate such disputes passed the Assembly Judiciary Committee this week and is expected to pass the...more

DOJ, reversing course, opposes NLRB ban on class action waivers

In an unusual turn-about, the U.S. Justice Department has reconsidered its earlier position in a set of closely watched arbitration cases that the Supreme Court will decide next term and filed an amicus brief supporting the...more

U.S. Supreme Court Reaffirms FAA Preemption Over Discriminatory State Laws

Emphasizing that the Federal Arbitration Act (FAA) preempts state laws that "single out arbitration agreements for disfavored treatment," the U.S. Supreme Court has overturned the Kentucky Supreme Court's refusal to enforce...more

Director Cordray responds to questions on proposed arbitration rule

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule. The comment period on the proposed rule closed on August 22, 2016. ...more

Ninth Circuit: In-Box Arbitration Clause Not a Binding Contract

Adding more complexity to the issue of arbitration contract formation, the Ninth Circuit has rejected Samsung's attempt to compel individual arbitration of fraud claims asserted by plaintiffs in two class actions. Ruling in...more

Supreme Court Agrees to Decide Enforceability of Class Action Waivers in Employment Agreements

The U.S. Supreme Court has agreed to decide an important issue that has deeply divided the Courts of Appeals—are arbitration provisions in employment agreements that waive an employee's right to bring or participate in class...more

FTC Seeks Information on Class Action Claims Rates

The Federal Trade Commission (FTC) has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on...more

Federal Court Enjoins U.S. Agency’s Nursing Home Arbitration Agreement Ban

The Centers for Medicare and Medicaid Services (CMS), an agency within the U.S. Health and Human Services Department, recently issued a final rule prohibiting nursing homes and other long-term care facilities from utilizing...more

Dept. of Ed. Bans Pre-Dispute Arbitration Agreements by Title IV Schools

The U.S. Department of Education has issued a final rule that broadly addresses the ability of a student to assert a school's misconduct as a defense to repayment of a federal student loan. The final rule includes a ban on...more

U.S. Agency Prohibits Nursing Home Arbitration Agreements

The Centers for Medicare and Medicaid Services (CMS), an agency within the U.S. Health and Human Services Department, has issued a final rule that includes prohibiting nursing homes and other long-term care facilities from...more

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

Second Circuit: Placing Order Online Did Not Bind Customer to Amazon’s Arbitration Provision

In an important decision underscoring the challenges faced by retailers and others in enforcing online arbitration agreements with their customers, the U.S. Court of Appeals for the Second Circuit has reversed a district...more

Ninth Circuit Sides with NLRB in Divide over Employee Arbitration Waiver Agreements

The U.S. Court of Appeals for the Ninth Circuit announced this week that it agrees with the National Labor Relations Board that individual arbitration waiver agreements, which prevent employees from filing or participating in...more

Trade groups comment on CFPB arbitration proposal

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration...more

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule. The CFPB’s proposal...more

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